After a year of floating around the idea of going public, Holtec International officially filed its registration statement with the Securities and Exchange Commission (SEC) to start the process.
The Form S-1, which is required by the SEC for domestic companies to submit to offer public offerings, was on July 10, but has not become effective yet, Holtec said in a Tuesday press release.
The number of shares and price point for the proposed initial public offering (IPO) have not been determined at the moment, according to the release. However, a number of news outlets have said that the company’s IPO could be valued at around $10 billion.
Holtec said its proposed offering, which is subject to market and other conditions, does not have an exact timeline of when it will be completed yet either. The company plans to list its Class A common stock under the ticker symbol “HNUC” on the NASDAQ Stock Market and NASDAQ Texas.
According to the release, J.P. Morgan, Guggenheim Securities, Citigroup, BofA Securities and Goldman Sachs & Co. will act as joint lead book-running managers for Holtec’s proposed offering. BMO Capital Markets, Cantor, Oppenheimer & Co. and Morgan Stanley will serve as joint book-running managers for its final offering.
The Jupiter, Fla.-based Holtec has had its hand in the decommissioning sector of the nuclear industry for many years, leading several decommissioning projects such as Oyster Creek in New Jersey, Indian Point in New York and Pilgrim in Massachusetts.
Holtec also led the decommissioning project for the Palisades nuclear plant in Michigan. However, the company pivoted from decommissioning the plant to recommissioning it and beginning power back to the grid. Holtec, with additional funding from the federal government, has been striving to make Palisades the first U.S. plant to restart its operations after being shuttered.
Parallel to decommissioning, Holtec has been developing a new small modular reactor technology, SMR-300, and is in the works of trying to deploy those technologies at the Palisades plant and for the Green River Project in Utah. It is also looking to deploy its SMR-300 reactor overseas in the United Kingdom.